Office of the State Treasurer

NEWS RELEASE

FOR IMMEDIATE RELEASE

CONTACT: Tom Vincz

July 12, 2006

(609) 633-6565

Homeowner
Rebate Applications to be Mailed

TRENTON
– State Treasurer Bradley I. Abelow and Dr. Carol O’Cleireacain,
Acting Director of the Division of Taxation, announced today that New
Jersey homeowners who are under 65 years of age and who are not disabled
will begin to receive their Homestead (FAIR) rebate applications at
the end of this week. Following the adoption of the FY 2007 budget,
which funds $1.1 billion in direct property tax relief for these rebates,
the Division of Taxation will be mailing nearly two million application
packets to eligible homeowners over the next two weeks. The deadline
for filing these applications is August 15, 2006.

“Nearly
one-half of the entire budget for FY 2007 -- $15.3 billion -- will be
used for property tax relief, including $1.1 billion for the Homestead
rebates,” said Treasurer Abelow. “The new budget also sets
aside $600 million in sales tax collections for property tax relief
while making an historic commitment to bringing New Jersey’s finances
into structural balance.”

New
Jersey residents who owned a home that was their principal residence
on October 1, 2005, and paid property taxes on that home, may be eligible
for the 2005 Homestead rebate, provided their 2005 gross income was
$200,000 or less.

Senior
and disabled homeowners received their applications in early May and
will receive checks of up to $1,200 in August provided they filed by
June 1. Checks for senior and disabled homeowners who file between June
1 and August 15 will be issued as quickly as possible.

Tenants,
who filed for their rebates along with their income tax returns, will
receive their checks in August, as well. The maximum rebate for senior
and disabled tenants is $825. Eligible non-senior, non-disabled tenants
will receive rebates of $75.

Under
the recently enacted budget, non-senior, non-disabled homeowners with
incomes of $70,000 or less will receive rebates of up to $350. Non-senior,
non-disabled homeowners with incomes between $70,000 and $125,000 will
receive up to $250 and those with income between $125,000 and $200,000
will receive up to $200. Checks for all non-senior, non-disabled homeowners
are scheduled to be mailed in the fall.

The
FAIR homeowner rebate automated telephone filing system and the Internet
filing application are available 24 hours a day, 7 days a week. Once
they receive their applications, homeowners can file for the FAIR rebate
by phone by calling 1-877-658-2972, or online at: www.state.nj.us/treasury/taxation,
according to O’Cleireacain. The filing deadline is August 15,
2006.

O’Cleireacain
said that there may be some overlap in this application mailing with
the May mailing. And, as a result, some senior and disabled homeowners
who have already filed for the FAIR homeowner rebate may receive another
packet. “These homeowners need not apply again if they already
filed and received a confirmation number, or if they completed and mailed
in a FAIR homeowner rebate paper application,” O’Cleireacain
said.

For
more information on the FAIR Rebate Program homeowners may call the
FAIR Rebate Hotline at 1-888-238-1233 from 8:30 a.m. to 4:30 p.m., Monday
through Friday. FAIR rebate information is also available on the Division
of Taxation’s Web site at www.state.nj.us/treasury/taxation/relief.htm
and through the Division’s Automated Tax Information System at
1-800-323-4400. TTY service is provided for the hearing impaired at
1-800-286-6613 or 609-984-7300.

FAIR homeowner rebate applications are scheduled to be delivered as
follows: